Callouts & quotes from 37,061+ activist slides

"If SGHC is improperly consolidating 100% of Raging River’s financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million which represents the 10.71% non-controlling (minority) interest."

"He said New Pacific’s legal team had already been in touch about rescuing the contract deal but was insistent that if a new deal was reached, the Bolivian state’s percentage share of production or the profits would be significantly higher."

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"Error rate is a shocking “50% higher than a standard instrument”; massive downtime due to contamination and other malfunctions; complexity and difficulty create widespread reluctance within Amgen; prone to a long list of mysterious errors."

"The TSMC executive repeatedly and strongly emphasized that Lasertec's tool is a failure that cannot be used inside the fab to inspect masks during production, given its low throughput and inability to inspect more than a few masks per day."

"We argue $5bn in custom networks contracts is a defensive “back to basics” maneuver – an acknowledgement that Lumen’s ambition to turn more into a cloudified “techco” isn’t gaining traction and its core business remains selling dumb pipes."

"A qualitative impairment analysis was performed on all reporting units for the fiscal year ended 2019, while a quantitative analysis was performed for fiscal years ended 2018 and 2017. The analysis concluded that goodwill was not impaired."

"We are unsure whether Keith Grossman, during his ongoing ~2 year repetition of “execution issues” as the driver of no growth in 3 years, is ignorant of high frequency’s lack of efficacy and resulting explants, or simply lying to investors."

"Part 8. The NOP service, we believe, traffics in and pushes unsafe, damaged organs rejected by reputable centers, as an unplaced organ means loss of device and aircraft fees; with TransMedics allegedly concealing adverse organ information."

"Square's current international revenues account for approximately 3%. The company has stated it has international expansion plans and recently announced a further push into LSPD's home turf of Canada with an integrated POS hardware system."

"Became alarmed after a 42-year old patient was hospitalized for QT prolongation. We note the patient did not meet any of the QT-related precautions on the label. He disclosed the risk to his patients - and all but two quickly discontinued."

"Your cost per lead over the past 5 years has probably quadrupled. D2D would cost you 55%-70% of first year revenue, but a Google lead would cost 25%. But now Google is starting to get to 50%-60% so now there’s almost an indifference point."

"The SOC PPM did not disclose that Dennis Ronald DiRicco (“DiRicco”), a principal officer of Adomani, was also a director and officer of SOC, according to securities notices SOC filed with both the Commissioner and the SEC in December 2012."

"In November 2018, consistent with Trian's recommendations, P&G unveiled a new organization structure designed to "de-matrix" the company and create end-to-end P&L and operational responsibility, including a reduced number of business units"

"Across ~20 field visits, our investigators found that the 5-building complex was generally deserted and empty, except for one floor of a small 5-story office building that appeared to house low-level clerical or back-office staff, not R&D."

"These appointments would bring fresh perspectives to the Board to facilitate a comprehensive re-evaluation of the optimal corporate strategy and the executive leadership required to ensure that Capricorn's full value potential is realised."

""The Retail segment margin rate was not as strong as we would have liked... We recorded a lower benefit than last year from a true-up related to the margin sharing arrangements with dealers" — Dean McCann, CFO, Q2 2019 Call, August 8, 2019"

"Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher. — Marcus & Millichap’s First Half 2014 Net-Leased Outlook"

""Jeff will bring to our board a great perspective as a global investor and a shared belief in building long-term value for shareholders," Executive Co-Chairmen Rupert Murdoch and Lachlan Murdoch stated. — Rupert Murdoch and Lachlan Murdoch"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

""If we look at the analysts' predictions for the size of the enterprise AI software market, this promises to be on the order of a $300 billion software market in, say, 2025." — CEO Siebel, Annual Virtual Wells Fargo TMT Summit, Dec 2, 2021"

"They're going to focus on the Pepsi and Coke brands and that's going to be their first priority. So when you think about energy and even still brands, that is the last priority for Coke salesman or Pepsi salesman. — Former Monster Employee"

""[W]orking capital could be reduced... without a detrimental effect on margins... best-of-breed distributors and retailers are able to drive down working capital needs while at the same time boosting profitability" — Piper Jaffray, 12/2/12"

"Elliott raised its bid to $21/share in cash...We continue to see this as a fair deal for investors considering the flat trajectory of the core WANOP business and unproven results in opportunities like Granite. — J.P. Morgan (Rod Hall, CFA)"

"Represents incremental expenses incurred related to the transition to a virtual operating model and incentive and leave pay granted to employees that are directly attributable to the COVID-19 pandemic. — TaskUs, Inc. Q3'21 Earnings Release"

""Other surveys found 96 percent of users were satisfied with integrated state filing, 82 to 87 percent would recommend Direct File, and 74 to 93 percent prefer it to the previous filing method they used." — Congress' letter to the Treasury"

"CareDx can technically claim that AlloSure is “more accurate” than serum creatinine measurement because it has a lower rate of false positives. But accuracy is not the goal of rejection testing, rather, detecting rejection is. — Footnote 2"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

"The Tribunal of Milan concluded that Mr. Profumo and Mr. Viola have a "marked ability to commit a crime" and that they offered their "full and conscious adherence to the delinquent plan" — Tribunal of Milan - Sentence MPS Case RGNR 955/205"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

"“value proposition was not there”; will be obsolete in 2-3 years; slammed the tool as absurdly expensive to own and run; price needs to drop by 75-85% to have a shot; others sell “a lot more functionality” for a fraction. — Lonza scientist"

"Atrasentan is an investigational drug that has not been approved by regulatory authorities. Efficacy and safety have not been established. There is no guarantee that it will become commercially available for the use(s) under investigation."

"“Now, do I have any way of validating whether that was true...do they have an incentive to lie about it...yes, they do...you just have to trust what they’re telling you...it’s ridiculous...it’s infuriating.” — UCSF transplant administrator"

"“I don’t. Thinking back to what I recall from our PK data. I can’t think of any reason why the substitution couldn’t achieve the same result...yeah, I agree with your assessment.” — Ex-Soleno employee #2, key role in clinical trial program"

"“...and they’ve been told, like they’re pretty quiet about it. FYI, they don’t really feel comfortable telling other people about it because they don’t want to scare anybody.” — KOL in the PWS field; involved with Soleno’s clinical program"

"The bottom line is that coal liquefaction is a challenging technology. While JFT might be a nice consulting gig for Mr. Jin, JFT is not even close to playing in the top tier of major projects in China - and almost certainly never will be."

"With limited ability to bundle on its own, Penumbra could face significant price compression in its core aspiration vertical without an opportunity to compensate by growing share in its relatively underpenetrated stent retriever vertical."

"With limited ability to bundle on its own, Penumbra could face significant price compression in its core aspiration vertical without an opportunity to compensate by growing share in its relatively underpenetrated stent retriever vertical."

"In the face of a growing wall of tangible and qualified evidence, BP's Board of Directors, as a fiduciary of BP shareholders, cannot continue to close its eyes and follow a strategic plan based on assumptions which are simply unrealistic."

"IPX has no raw materials, in process, or finished goods inventory on the balance sheet at June 30, 2025 and reported no cash flows from operating activities related to production, development or inventory purchases through September 30th."

"A second expert – Prof. Jeff Dahn, a world-respected solid state researcher – states that symmetric cells have zero average voltage and are “useless from a practical point of view,” although they can provide other significant information."

"Shareholders have expressed disappointment with Target’s position. Target and its nominees should consent to have all nominees named on one proxy card. Even now, this can still be achieved. Shareholders should press this issue with Target"

"Because the role of a General Manager is usually to oversee day-to-day operations, given Li Yuxiong’s extensive business in Sichuan, he would seem an unlikely General Manager for BJ Jiyuan Shengbao - unless his real role is to be a proxy."

"Spruce Point believes the market is under-estimating the likelihood of rising churn from recent price increases, sales and marketing costs to acquire new customers, and increasing deferred capex / lease repayment costs in the coming year."

"Part I: Twist is a ticking time bomb, a commodity synthetic DNA manufacturer and glorified CMO, operating an unsustainable Ponzi-like scheme based on price dumping and customer subsidies to buy revenue and create the illusion of “growth.”"

"Misclassifying expenses, particularly as capex, is one of the oldest accounting frauds in the book – causing Worldcom’s rapid collapse into bankruptcy when it was revealed, and landing its CEO, CFO, and various accounting staff in prison."

"This would be highly unusual for a company of appreciable scale in China, and directly contradicts the map of DGW's purported distribution contained in its 20-F and F-1 in which Shanghai and its neighboring provinces have 23 distributors."

"Brazil is the world's fourth largest cosmetics market and due to its population mix has some of the greatest diversity in skin and hair types of any nation globally making it potentially a very interesting market for mass market sun care."

"FND claimed that rigid core vinyl was its hottest product and highest ticket with sales growing from 12% of total to 28% of sales. FND no longer calls out the category growth, but last referenced that it continued to take share from wood."

"Amdocs appears to be engaging in the same behavior today as was described in the 2002 lawsuit – and, with turnover at Amdocs relatively low at the top, these practices are being put into place by many of the same executives and directors."

"Collectively, our Board nominees are a powerful group of leading executives, chairmen and directors of well-performing industrial companies with the necessary experience and independence to oversee a value-enhancing transformation of GCP."

"All in all, this suggests that if METC were to mine $37 billion worth of REEs from their Brook Mine, we estimate they would lose ~$88 billion in the process, which would forever cement METC as the most capital destructive mine in history."

"Momo's growth during 2015 was impressive, albeit shy of 2016 levels, but the internals of membership subscription services, mobile games and mobile marketing (per monthly active user “MAU”) were all showing signs of fatigue in early 2016."

"So if you are manager, you can technically shop around and you can go to Sustainalytics, ISS, Thompson Reuters, Bloomberg, et cetera. But why would you do that? Your client is using MSCI and ESG is not a very standardized area yet, right?"

"PERI’s audit engagement partner has been associated with multiple controversial companies whose price behavior has characteristics of a pump and dump with strong share price appreciation post-IPO, followed by a swift share price collapse."

"Losses would need to exceed $600bn before both first-loss private capital and PSPA funding would be extinguished, or ~23x adjusted cumulative losses in the single-family guarantee segment during the Great Financial Crisis (i.e. 2007-2011)"

"Confirmed problems around false positives and errors; instrument has “fairly significant limitations” and requires “a ton of upfront work” to be usable; amount of optimization and tweaking makes people “really, really hesitate to invest.”"

"This diligence gave us confidence that the priorities outlined in our presentation are actionable, can be achieved in partnership with the Board and management, and will strengthen PepsiCo’s competitive position and long-term performance."

"Samsung stated they pay about $40MM for each Lasertec machine, which implies $80-120MM of revenue at most - insufficient to maintain Lasertec's growth and valuation as Samsung is one of the three legs of the customer stool they depend on."